By Nora Heston Tarte
“Make and use a checklist to ensure that you are not missing any information needed to complete your return.” –Dale Immekus
Taxes cause any business owner headaches. They can be complicated if you do it yourself so many choose to hire accountants Glasgow to make sure they’re saving as much money as possible. Why am I talking about this subject? Because it’s that time of year again. Tax Day (April 15) is fast approaching! Whether you’re looking to maximize your refund, or minimize what you owe, San Joaquin tax professionals have helpful advice for you! Digest these quick tips before you file to ensure you’re being smart about your taxes.
Be prepared. Before you sit down to file your Corporate tax return, compile all of the documents you may need, including those that apply to your income and deductions. This will keep you from getting up to collect items as new questions arise. Not only will you need the W-2s you receive from your job, but also any forms about unemployment income, alimony, rental properties, and more. Don’t start until you’ve received all of your tax documents in the mail. Entering incorrect numbers as guesstimates could cost you later.
“Make and use a checklist to ensure that you are not missing any information needed to complete your return,” suggests Dale Immekus, financial advisor at Dedicated Financial & Insurance Services in Lodi. “Basically anything with a dollar sign may come in to play.” It also helps to have the previous year’s tax return for both you and your spouse handy, as much of the information will be repetitive. Not only is it a time saver, it could also help limit errors.
Take your time. “Don’t rush to complete the tax return,” warns Richard L. Manies, an enrolled agent (a federally licensed tax practitioner with unlimited rights to represent taxpayers before the IRS). Errors can result in paying more in taxes than you should, receiving a letter from the IRS, or both. If you live in Canada and have been doing your taxes incorrectly from either rushing or not understanding what you were doing, you can visit canadiantaxamnesty.ca and see about their voluntary disclosure program.
Know when to ask for help. “I suggest that you consult a tax professional when you have had ‘big’ changes or ‘events’ in your life, such as getting married, having a child, purchasing a home, [earning an income] over $100,000, starting a business or purchasing a rental property, receiving an inheritance, or a death in the immediate family,” Richard says. Depending on what situation you’re finding yourself in, it might not be enough to just get in touch with a tax professional, and you might also want to find some professional legal aid. For example if you are to experience a death in your family and you’re soon to inherit part of someone’s estate, it could be advantageous to get in touch with a law firm such as this last will and testament Michigan legal team.
“If someone has received a letter from the IRS or the State of California indicating they have been assessed late penalties or owe past due taxes, then it is definitely time to call in a tax professional,” Dale adds.
Set yourself up for success. If cash flow allows, take steps throughout the year to reduce what you owe come April. “Consider increasing or maximizing your contributions to any tax deferred opportunities such as group retirement plans through work, or traditional IRA accounts,” Dale advises. These types of payments pay off at the end of the year with additional write-offs.
Know your software. If you want to complete your return without the assistance of a professional, pick software you can count on. Richard suggests TurboTax. “Intuit, the parent company of TurboTax, also has developed a full line of tax software for tax professionals, is the developer of QuickBooks, and I have found that the company is fully engaged in all aspects of individual and business tax preparation,” he says. In addition, TurboTax (like many other providers) offers online tax support.